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Leader (1850-1860), 15th January 1859, Edition 1 of 2, Page 92, Untitled Article

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      morning , and last week ? s prices were not supported . Beef sold at 2 s . 8 d . to 4 s . ; Mutton 2 s . lOd . to 4 s . ; Veal 4 s . to 4 s . 8 d . ; Pork , 3 s . to 4 s . per stone , by the carcase .. . SooARi—Good grocery arid refining kinds have" a ready sale at extreme prices to fid . advance ; low soft sugars are , however , without improvement , but the general position of the marketlappears exceedingly healthy . The show of West India has been small , and East India has consequently been taken off more freely . Benares have sold at 45 s . to 47 s , 6 d . ; Cbssipore , 46 s . 6 d .

      to 47 s . ; Gurpattah date , 40 s . to 43 s . 6 d . ; Madras , grainy yellow , 44 s . to 47 s . ; Siam , at late rates , Manilla , unclayed , 32 s . 6 d . to 35 s . ; clayed , 38 s . to 39 s . ; foreign Muscovado , brown , 35 s . to 38 s . 6 d . ; yellow 40 s . to 44 s . 6 d . ; Havaniiah yellow , 40 s . to 43 s . 6 d . ; flortts 47 s . 6 d . to 48 s . 6 d . Floating cargoes have met a moderate inquiry , but only one has changed hands , quality No . 9 £ , at 27 s . per cwt , U . K . Coffee . —The recent imports have been brought for-i ward freely , but there have been sufficient orders in the market to effect a clearance at full prices generally .

      Native Ceylon coffees have realised rather more money , and fine marks of plantation have gone exceedingly dear , ranging from 81 s . to 94 s . Bd . ; small coffee of good quality brought 68 s . to 70 s . ; middling and good middling , 73 s . to 76 s . 6 d . ; good ord . native , 52 s . to 53 s . ; fine ord ., 54 s . to 54 s . 6 d . ^ super ior bold picked , 56 s . 6 d . to 57 s . 6 d . ; Madras low mid . to finej 67 s . to 82 s . ; fine ord . Teilicherry , 663 ; 6 d . to 68 s . per cwt . There is still an inquiry for floating cargoes on continental account , and one of Rio was sold early in the week at 47 s . for regular firsts . . ¦ . ' , ¦¦ ' ¦' . ¦ ' . '¦ . ' ¦ ¦ . . ;¦ .. ¦ - ¦¦ ¦ ¦¦ ¦ ¦ Cocoa is extremely unsaleable , and the parcels brought to public sale , including both Trinidad and Guayaquil , were passed without eliciting a bid .

      Rice .- — -Considerable supplies , reaching 41 , 000 bags , which were all placed at steady prices ; ord . to mid . Rangoon , 6 s . 2 d . to 6 s . 6 d . ; good , 7 s . 6 d . to 8 s . 6 d . ; mid . to good pinky Madras , 7 s . 6 d . to 8 s . ; mid . to good white Java , lls . to 12 s , 6 d . Bengal rice remains but of demand , but is steadily held . Accounts -from . Calcutta represent a continued absence of shipments . Spices . - ;—Black pepper has sold largely at stiffer prices , especially for export kinds ; Malabar brought 44- to 4 id ;; Sumatra , 3 fd . to 3 | d . ; Penang , 3 id . to 3 | d . ; white pepper is easier , Singapore and Penang having sold at . 8 d . to 8 id . Nutmegs declined Id . per lb ., but sold readily at the decline ; small to good , Is . 4 d . to 2 s . 6 d . Mace , Is . 2 d . to 2 s . Id . Pimento , steady at 2 jd . to 3 id . for ordinary to good ; mid , Zanzibar cloves realised . 2 | d . to 3 d ., being the full value . 2915

      Oils . —Linseed , on the spot , has declined . s . ; for future monthly deliveries there are few sellers under 30 / ., but this price is not obtainable . Rape oil meets a moderate sale at 4 . 61 . 10 s-to 47 / . for foreign refined , and 43 / . for brown ; English brown , 411 . to 411 . 10 s . ; Bombay ground nut and Gingelly , 35 / . ; Madras , 39 / . ; Nige r oil , 35 / . to 36 / . ; Olive very unsaleable , and offers at 45 Z . to 45 £ 10 s . for Mogadore , 48 / . for Spanish , and 50 Z . for ( lallipoli ; Cocoa-nut has advanced 10 s . to 20 s , per ton ; C » ylon , 39 / . ; Cochin , 40 / . to 43 / . Palm oil has risen to 41 / . 15 s ., influenced partly by the advance in Liverpool , and partly by the rise in tallow . Common fish oils remain dull of sale—pale seal at 36 / . 10 s ; pale southern at 34 / . ; and cod at 31 / . ; but sperm is in request and sold in auction at 90 / . to 96 / . per tun . .

      Whalb Fins . — Prices are nominal . Davis Straits , 520 /; Polar , 550 / . ; North-West , 470 / . ; Southern , 420 / . to 430 / , Turpentine ,- —Prices , advanced to 40 s . 6 d , to 41 a from a rumour of considerable purchases , but the terms of these purchases having proved lower than had been expected , the market has again receded , and 40 a . ia the highest offered , whilst there are sellers at 40 s . 6 cl . per cwt . Rough , 10 a . to 10 a . 6 d . Safjflower has declined to 20 s . per cwt . Shellac is dearer . Qrd . D . 0 , orange Bold at 85 s ., nnd good button at 100 s . in

      Metals . —A moderate business is passing manufactured iron at late rates , Scotch pig declined to 68 a . Copper advanced Jd . per lb . on sheet , and 6 / . per ton on rough cake ; Burra held for 116 / . Banca tin ia dearer ; 181 / . paid © arly in the week , and still higher prices said to have been given to-day . Cotton . —Prices have receded Ad . per lb ., and the week ' s Bales are confined to 1400 bales . At Liverpool business has also been dull , and prices quoted 1-16 d . down . Tea , —Business has been suspended during the wook , the telegrams received on Monday having induced the trade to await the full details before operating . To-day a small sale of common congou was made at lljjd .

      Saltpbt * W . ' —T 1 io threatening aspect of political affairs on , the Continent has strengthened the market , and about 3000 bgs . have sold on rather hotter , terms . 81 to 8 per cent ., 89 s . 8 d . to 42 s , per owt , Oaloutta letters report considerable supplies awaiting shipment . Tai ^ ow . *— There has boon a good demand for consumption , ana the market has been firm , with an improvement in prioe on the spot , of Od . to Is , per owt . Many contracts for delivery to the end of March hayo boon closed by Bpttlpment , but it is not possible to say

      how much may be still open .. No opinion can reasonably be formed at present of the prospects for next season ; the Fiussian supply is estimated by some parties at 110 , 000 to 115 , 000 casks , but the English make , which is the most important part of the question , must be uncertain for . several months to come ; . The last price at St . Petersburg was 162 ro . on the spot , 166 ro . for August , 10 down ; exchange , 36 J . To-day we quote Y . C , 53 s . spot ; 53 s . Feb .-March ; 53 s . 6 d . March buyers ; 5 Is . 9 d . to 52 s . April-June ; market firm Oct .-Dec , 51 s . 9 d . to 52 s . The public sales , to day went off briskly at full prices . Of 850 cks . about 600 sold . Australian beef , 44 s . 3 d . to 5 is . 9 d . ; sheep , ols . 6 d . to 52 s . 3 d . ; South American , 50 s . 6 d . to 53 s . 6 d . ; East India , 53 s . 3 d . to G 4 s . ; Archangel , 51 s . 9 d . to 52 s . Town tallow , 55 s . ; rough fat , 2 s . 10 . £ d ., melted stuff , 38 s . 6 d . .

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      FltOM THE LONDON GAZETTE . Tuesday , January 11 * BANKRUPTCIES ANNULLED . Alfiieo Critchell , Upper Dorset-place , Clapham-. road , cabinet maker . . : Henry Ghellixg-vvorth , Park Attwood , near Kidderminster , maltster . JOINT-STOCK COMPANIES WINDING-UP ACTS . This Maresfield Patent Gunpowder Company ( Limited ) , proof of debts , Feb . 2 , at 1 o ' clock , at the Bankrupts' Court . : The British amd Foreign Smeltin g Company , for winding-. up , to be heard , Jan . 20 , at 2 o ' clock , at the Bankrupts' Court .

      BANKRUPTS . Tilden Chrismas , Sheerness , coal merchant . Eli "Wainwright , Earlistreet , Kensington , corn chandler . . . Henry Rogers , Bradford , Yorkshire , milliner . Charles James Hill , Birmingham , grocer . Walter Lodge , Almondbiiry , woollen manufacturer . Joseph Woolf , jun ., Manchester , small ware manufacturer . ~ SCOTCH SEQUESTRATIONS .

      James Buuce , Hillhead , Glasgow , builder . Roderick M'Donald Scott and Thomas Edmond , Glasgow , oil and commission merchants . Malcolm M'Intosh , Portree , general merchant . Alexander M'Dougal , Killiernan , Ross-shire . James Martin , Goldenberry , West Kilbricle , farmer . James Fleming , Leitli , grocer . John Inglis , Glasgow , wright and builder . Walter Edgar , Glasgow , grocer . John Lister , Edinburgh , advocate .

      Friday ,: January 14 . BANKRUPTS . Thomas Baron , Sloane-square , Chelsea , printer . Matthe > v Henry Covvell and Charles Brock , Southwark , brewers . John Symons , Manchester , commission agent . John Davidson Nenvbold , Lincoln , toyman . Henry Parry , Capel-Cerrjg , Carnarvonshire , draper . Joseph Sharp , Metheringhain , cattle dealer . William Burbidgb , Birmingham , corn dealer . William Limbrby , Dunstable , grocer .

      George Manby , Sudbury , Suffolk , licensed victualler . John Peter Flint , Sheffield , plumber . James Turner , Warsop , Nottingham , miller . IIenry Barrick , Homerton , shipowner , William Tinker , Nowington-causeway , Surrey , and Oxford-road , Manchester , carriage-wheel manufacturer . William Smith , Woston-super-Mare , Somersetshire , builder . Thomas Brewin Turneli . ( and not Furnell , as advertised on 7 th of January ) , draper , York .

      SCOTCH SEQUESTRATIONS . John Howden , Stornoway , insurance agent . John Douglas and Archibald M'Millan , Glasgow , shawl manufacturers .

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      Thjb Credit System in Tradr , —At a meeting of the Glasgow Chamber of Commerce on Tuesday the committee on banking laws submitted a report , which was laid on the table . It said :- —* Yoar committeo is of opinion that the great oauso of the periodical derange ™ ments of our commercial system is the sudden oollapso of previously inflated credit . But the system of credit is only prudent , or even honest , in so far as each individual trader has a reasonable certainty of meeting his engagements ; otherwise , the whole credit system is a

      vicious circle $ and insolvency is propagated from one trader to another to an indefinite extent throughout the whole commercial system . , To stretch credit without making such provision for contingent calamity , ia Bimply to gamble at the expense of the community . The trader ' s reserve should bo proportioned to his risk . The long credits granted in our foreign trade are a fruitful source ot danger—directly to those engaged in it , and indirectly to tlio wholo mercantile community , The boat security against commercial convulsion is to limit credit . The nearer wo come to a aash business the

      sounder will be our trade . In this respect the experience of other nations corroborates cur own . The comparative security of French commerce during the late crisis was no doubt greatly owing to the modified nature of its credits ; and , on the other hand , the disasters which overwhelmed the commerce of America were as certainly the result of an exaggeration credit system . Everywhere the stability of commerce is in an inverse ratio to the development of credit . But the abuse of mercantile credit could hot exist to any greater extent were it not fostered by the abuse of banking credit . Traders could not give excessive credit unless bankers supplied them with the means . The great fault of modern banking is the insufficiency of reserves . The insufficiency of banking reserves is the immediate cause of pur panics , and

      one great cause of insufficient reserves is undoubtedly the high rate of interest allowed upon deposits . Viewed as a whole , our present credit system appears eminently insecure . Our whole credit system is an inverted pyramid . Your committee does not . look for any legislative remedy for the abuse of credit . The cure must be found in the more honest and intelligent appreciation of their duties by all who either give or take credit . " Mariquita and New Granada Mining Company . —A general meeting of this improving concern was held at the London Tavern oh the afternoon of the 7 th inst . The Directors have now 1 O 34 persons at work , and the balance of assets in favour of the company in London being 12 , 296 J . A dividend was declared of Is . 6 d . per share , free of income-tax .

      Free Trade in France . —A small extension of free trade has just taken place in the French customs . Some minor articles , particularly necessary to promote French industry , have been declared free of duty . Uiit even this advantage , is clogged with discriminations relative to origin and flag . For example , rough- ' iewn timber for building , the most important of these articles , is only to be admitted duty free when brought in French vessels . These are changes which the French Protectionists themselves have demanded . Russian Finances .- —The Oesterreichische Zeitung contains some information which is calculated to excite the surprise of those persons who have been accustomed to believe that money matters are ~ very well managed in

      St . Petersburg . The floating debt ( " uncovered" notes ) of Russia-is almost as large as that of all the other European States taken together , and the natural consequence of the superabundance of paper money is that the prices of all the necessaries of life are exorbitantly high . Russia is now about to make a loan , in order , as she says , that , she may be able to withdraw a part of the notes , for the convertibility of which their is no security , from circulation . A few years ago people used to talk much of the immense quantity of gold and silver which the Russian Government had locked up in some almost inaccessible vault , but , as nothing is now said on the subject , it must bo concluded that the Russian treasure was a myth . At the present moineut copper money is at a premium in Russia .

      Cheques on Country Bankkrs . —The arrangements for the " clearing" in London of cheques on country bankers arc found to work very smoothly and satisfactorily . Only two or three of the country banks now stand in the position of opponents of tho new system , and little doubt is entertained that they will ere long recognise its value as tending to economise labour . A few of the country bankers have refrained from actually taking part in the new arrangements : but their caso also may be left to the operation of time . Useful innovations are occasionally discountenanced merel y because they are innovations , involving an infraction of ancient routine . In a few instances , country bankers have

      levied a commission upon the collection of cheques , but so illiberal a practice is not likely to be peraovereil in . — Daily News . . Tithe Commutation . —Wo learn from Mr . Willich's usual annual return , that according to tho corn averages for the seven years to Christinas , 1858 , published by authority in the London Gazette of this evening , viz . ;—wheat , 7 s . 4 d . per imperial bushel ; barley , ds . 5 ^ d . ditto ; oats , 8 s . Old . ditto . Each 100 / . of titho rentcharge will , for the year 1859 , amount to 108 / . 19 s . 6 } d ., which is a little more than 8 per cent , above tho last year's value . It appears by tl » e A nnual Tithe Coinmutation Tables , that since the passing of the Titho Commutation Act , the lowest value of tho titho rcnt-ohargo was iu 1854 , 90 / . 19 s . 5 d ., and tho highest that now declared .

      Projected Ship Canal xn France . —A deputation from Bordeaux has been permitted to address tho Emperor , proposing the formation of a canal from tho Atlantic to the Mediterranean , through which French ships may go from the western to tho southern coast of Franco without passing through tho Straits of Gibraltar . Port of Hull . —Tho duty paid on grain and flour imported into Hull during tho past weok was aa follows s—Wheat , 705 qrs ., 80 / ,, X 6 s . j barley , 8420 qr $ ., 421 / . ; . beans , 205 qre ., 18 / . 5 s . ; peas , 87 qrs ., 1 / . 17 s .. ; wheat flour , 904 . cwt ., 18 / . U . Od . f potato flour , 701 ) ovyt ., 18 / . 2 s . Od . Tho imports of cattle during tho same period wore as follows s—l * or Seahorse , from Rotterdam , G calves ; Helen Maogrogor , from Hamburg , 11 horses ; Graaf van Rcchtorou , from d ampen , 200 pigs ; Norfolk , from Rotterdam , 01 cows , 11 calves , 9 sheep . Total , 61 cows , 17 calves , 200 pigs , 0 sheep , 11 horsoB .

      Untitled Article

      92 THE LEABER . [ No . 460 , Januar y 15 , 1859 . ^

  • Citation
    • Leader (1850-1860), Jan. 15, 1859, page 92, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2277/page/28/